Agriculture is dependent on monsoons and markets, inefficient markets lead to ineffective price discovery mechanisms making farming profession unattractive. Better prices and market information availability encourages farmers to continue farming ensuring food security. Improved market infrastructure & use of technology creates employment for the rural workforce. The online trading platform creates opportunities for all to trade, creating an inclusive and growth-oriented sustainable environment.
Rashtriya e-Market Services (ReMS) with a vision of ‘bringing in efficiency and transparency in the agricultural marketing system for efficient price discovery to benefit farmers and other market participants’ has provided a modern electronic online platform, also known as the Unified Market Platform (UMP), that connects all primary agri-markets in the State of Karnataka (India). Online trading system for agri-markets in Karnataka boosts competition, facilitates transparent price discovery which increases farmer’s income through raise in farmer’s share in consumer rupee.
The trading platform combines technological efficiency and market-friendly trading features in a transparent atmosphere to make trading a rich and rewarding experience. Up to December 2017, 95 lakh lots, valuing INR 75,696 crore having the quantity of 367 lakh MT have been transacted. Even after four years of implementation, it’s just a beginning.